Palm Beach / FL. (bfi) BurgerFi International Inc., owner of one of the United States’ fastest-growing premium fast-casual concepts through the BurgerFi brand, announced that it has entered into a definitive agreement to acquire Anthony’s Coal Fired Pizza + Wings from L Catterton for approximately USD 161.3 million, comprised of USD 33.6 million in common stock, USD 53.0 million in new junior non-convertible preferred equity and the assumption of existing debt, all subject to closing adjustments. The shares of common stock issued as consideration will be determined based on the 30 day volume weighted average price of BFI common stock through the day prior to closing, up to a cap of USD 14.25 per share and a minimum of USD 10.25 per share. At the closing of the transaction, L Catterton, the largest global consumer-focused private equity firm, will become one of BurgerFi’s largest shareholders. BurgerFi expects the transaction will be accretive to EPS to common shareholders and Ebitda in 2022.
Anthony’s, founded in 2002 and headquartered in Fort Lauderdale, FL, is a leading operator of casual dining pizza restaurants with a loyal fan base and, like BurgerFi, a high concentration of its locations in the state of Florida. Anthony’s concept is centered around a 900-degree coal fired oven, and its streamlined menu offers «well-done» pizza, coal fired chicken wings, home-made meatballs, and a variety of handcrafted sandwiches and salads. Ian Baines, Chief Executive Officer of Anthony’s, said «Anthony’s Coal Fired Pizza + Wings will be a fantastic addition to the BurgerFi family. It is a well-positioned, differentiated pizza and wing concept with industry-leading average unit volumes and strong profitability. BurgerFi is a very dynamic growth brand and I am honoured to work with their great team as we continue to pursue and expand on our growth strategy together.»
«Both Anthony’s Coal Fired Pizza + Wings and BurgerFi bring high-quality ingredients, impressive customer loyalty and affinity, and strong management teams to the table,» said Andrew Taub, Managing Partner at L Catterton, who will be joining the board of directors of BurgerFi following the completion of the transaction. «We are delighted to continue our support of Anthony’s as they join one of the country’s most innovative players in the restaurant space. Together, these brands will establish the beginning of a restaurant platform well-positioned for growth and success.»
Ophir Sternberg will lead both the BurgerFi and Anthony’s brands in his continuing role of Executive Chairman of BurgerFi and Mike Rabinovitch will continue as BurgerFi Chief Financial Officer. At the closing of the transaction, Ian Baines will become the Chief Executive Officer of BurgerFi while Julio Ramirez will remain Chief Executive Officer and President of the BurgerFi brand and Patrick Renna will become President of the Anthony’s brand. The transaction is expected to close in the fourth quarter of 2021, subject to certain customary closing conditions.